Who Can Access a POD Account and When
A payable on death (POD) account is a simple way to pass money outside of probate. While the account owner is alive, it works like any other bank account.
Any named party can withdraw funds. The other party's health or status does not matter.
A financial institution, on request, may pay sums on deposit in an account with a pay on death designation to: 1. One or more of the parties, whether or not another party is a party with disabilities, incapacitated or deceased when the payment is requested and whether or not a party survives another party.
A.R.S. § 14-6223(1)After every account owner has passed away, the bank pays the remaining balance to the named beneficiaries. They must show proof of death, usually a death certificate, for all parties.
If the beneficiaries did not survive the owners, the funds go elsewhere. They pass to the personal representative, heirs, or devisees of the last surviving party.
Why the Order of Payment Matters
This structure protects both the bank and the family. The bank follows a clear priority: living parties first, then surviving beneficiaries, then the last party's estate.
This means there is less confusion when multiple names appear on one account.
The beneficiary or beneficiaries, if proof of death is presented to the financial institution showing that the beneficiary or beneficiaries survived all persons named as parties.
A.R.S. § 14-6223(2)How POD Accounts Fit Into an Estate Plan
POD designations highlight why keeping beneficiary info current matters. If every named beneficiary dies before the account owner, the funds may end up in probate anyway.
POD accounts are one piece of a larger estate plan. They work best when paired with other planning tools.
For example, bank accounts, retirement funds, and life insurance should all have current beneficiary designations. This helps avoid gaps in the overall plan.
Regular reviews keep designations up to date. Life changes like marriages, divorces, or new children can make older designations outdated.